Who do I owe rent to and who owes me my security deposit if the condo I was renting was recently bought by the bank?
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Who do I owe rent to and who owes me my security deposit if the condo I was renting was recently bought by the bank?
I’ve been renting my condo for 2 years. The unit was bought by the bank recently. I was renting I’ve been renting my condo for 2 years. The unit was bought by the bank recently. I was renting from the condo association HOA, my lease ended last week. We are awaiting to hear back from the bank to find out what options are available to us for moving we requested our security deposit back from the condo association since our lease is over however, they informed us that per their attorney, as long as we occupy the unit, we still have to pay them rent? How is this possible if the bank owns the unit now and our lease has ended with the condo association?
Asked on May 7, 2012 under Real Estate Law, Illinois
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Do you mean that the bank foreclosed on the property? Then under the law enacted in 2009 you are protected and have 90 days to relocate. Your lease has eneded so you are now a month to month tenant and yes, you still have to pay rent, but to the bank not the HOA. Who pays the security deposit depends on your state law. Some states require you go after the original landlord; some require the new landlord to pay it back to you and go after then original landlord themselves. You need to consult an attorney in your area on that issue. Good luck.
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